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Ingredion (INGR) Financials

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$106.95 -0.07 (-0.07%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for Ingredion

Annual Income Statements for Ingredion

This table shows Ingredion's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 402 485 519 443 413 348 117 492 643 647 729
Consolidated Net Income / (Loss)		 412 496 532 454 424 354 125 502 651 654 736
Net Income / (Loss) Continuing Operations		 412 496 532 454 424 354 125 502 651 654 736
Total Pre-Tax Income 		599 742 769 621 582 506 248 668 839 931 974
Total Operating Income		 660 806 836 703 664 582 310 762 957 883 1,016
Total Gross Profit		 1,242 1,401 1,472 1,368 1,312 1,272 1,331 1,494 1,749 1,791 1,828
Total Revenue		 5,621 5,704 6,244 6,289 6,209 5,987 6,894 7,946 8,160 7,430 7,219
Operating Revenue		 5,621 5,704 6,244 6,289 6,209 5,987 6,894 7,946 8,160 7,430 7,219
Total Cost of Revenue		 4,379 4,303 4,772 4,921 4,897 4,715 5,563 6,452 6,411 5,639 5,391
Operating Cost of Revenue		 4,379 4,303 4,772 4,921 4,897 4,715 5,563 6,452 6,411 5,639 5,391
Total Operating Expenses		 582 595 636 665 648 690 1,021 732 792 908 812
Selling, General & Admin Expense		 - - 616 611 610 628 668 715 789 782 815
Other Operating Expenses / (Income)		 -1.00 -4.00 -18 -10 -19 -31 -34 13 -8.00 -1.00 -24
Restructuring Charge		 583 599 38 64 57 93 387 4.00 11 127 21
Total Other Income / (Expense), net		 -61 -64 -67 -82 -82 -76 -62 -94 -118 48 -42
Interest Expense		 61 66 73 86 81 81 74 99 114 39 37
Other Income / (Expense), net		 - 2.00 6.00 4.00 -1.00 5.00 12 5.00 -4.00 87 -5.00
Income Tax Expense		 187 246 237 167 158 152 123 166 188 277 238
Net Income / (Loss) Attributable to Noncontrolling Interest		 10 11 13 11 11 6.00 8.00 10 8.00 7.00 7.00
Basic Earnings per Share		 $5.62 $6.70 $7.21 $6.25 $6.17 $5.18 $1.74 $7.43 $9.74 $9.88 $11.36
Weighted Average Basic Shares Outstanding		 71.60M 72.30M 72M 70.90M 66.90M 67.20M 67.10M 66.20M 66M 65.50M 64.20M
Diluted Earnings per Share		 $5.51 $6.55 $7.06 $6.17 $6.13 $5.15 $1.73 $7.34 $9.60 $9.71 $11.18
Weighted Average Diluted Shares Outstanding		 73M 74.10M 73.50M 71.80M 67.40M 67.60M 67.80M 67M 67M 66.60M 65.20M
Weighted Average Basic & Diluted Shares Outstanding		 71.50M 72.40M 72M 70.90M 66.88M 67.11M 66.71M 65.95M 65.56M 64.19M 62.95M
Cash Dividends to Common per Share		 - $1.90 $2.20 $2.45 $2.51 $2.54 $2.58 $2.72 $2.98 $3.16 $3.24

Quarterly Income Statements for Ingredion

This table shows Ingredion's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 131 216 148 188 95 197 196 171 165 142 114
Consolidated Net Income / (Loss)		 133 218 150 189 97 199 198 172 167 144 116
Net Income / (Loss) Continuing Operations		 133 218 150 189 97 199 198 172 167 144 116
Total Pre-Tax Income 		176 276 230 273 152 267 259 241 207 194 175
Total Operating Income		 202 213 240 268 162 276 271 249 220 203 188
Total Gross Profit		 400 417 446 479 449 466 477 455 430 401 426
Total Revenue		 1,921 1,882 1,878 1,870 1,800 1,813 1,833 1,816 1,757 1,792 1,850
Operating Revenue		 1,921 1,882 1,878 1,870 1,800 1,813 1,833 1,816 1,757 1,792 1,850
Total Cost of Revenue		 1,521 1,465 1,432 1,391 1,351 1,347 1,356 1,361 1,327 1,391 1,424
Operating Cost of Revenue		 1,521 1,465 1,432 1,391 1,351 1,347 1,356 1,361 1,327 1,391 1,424
Total Operating Expenses		 198 204 206 211 287 190 206 206 210 198 238
Selling, General & Admin Expense		 211 189 191 198 204 193 208 203 211 200 207
Other Operating Expenses / (Income)		 -14 12 -8.00 1.00 -6.00 -10 -5.00 0.00 -9.00 -13 -14
Restructuring Charge		 1.00 3.00 23 12 89 7.00 3.00 3.00 8.00 11 45
Total Other Income / (Expense), net		 -26 63 -10 5.00 -10 -9.00 -12 -8.00 -13 -9.00 -13
Interest Expense		 26 19 10 1.00 9.00 9.00 12 7.00 9.00 9.00 55
Other Income / (Expense), net		 - 82 0.00 6.00 -1.00 - 0.00 -1.00 -4.00 - 42
Income Tax Expense		 43 58 80 84 55 68 61 69 40 50 59
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.00 2.00 2.00 1.00 2.00 2.00 2.00 1.00 2.00 2.00 2.00
Basic Earnings per Share		 $2.00 $3.29 $2.25 $2.88 $1.46 $3.05 $3.04 $2.66 $2.61 $2.25 $1.80
Weighted Average Basic Shares Outstanding		 66M 65.70M 65.70M 65.30M 65.50M 64.50M 64.50M 64.30M 64.20M 63.20M 63.30M
Diluted Earnings per Share		 $1.97 $3.23 $2.22 $2.83 $1.43 $3.00 $2.99 $2.61 $2.58 $2.22 $1.78
Weighted Average Diluted Shares Outstanding		 67M 66.80M 66.80M 66.50M 66.60M 65.60M 65.60M 65.40M 65.20M 64M 63.90M
Weighted Average Basic & Diluted Shares Outstanding		 65.56M 65.65M 65.06M 65.16M 64.19M 64.31M 64.18M 63.53M 62.95M 63.06M 63.06M

Annual Cash Flow Statements for Ingredion

This table details how cash moves in and out of Ingredion's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -146 82 83 -247 -63 401 -337 -92 165 596 33
Net Cash From Operating Activities		 686 771 769 703 680 829 392 152 1,057 1,436 944
Net Cash From Continuing Operating Activities		 686 771 769 703 680 829 392 152 1,057 1,436 944
Net Income / (Loss) Continuing Operations		 412 496 532 454 424 354 125 502 651 654 736
Consolidated Net Income / (Loss)		 412 496 532 454 424 354 125 502 651 654 736
Depreciation Expense		 194 196 209 247 220 213 220 215 219 214 222
Non-Cash Adjustments To Reconcile Net Income		 106 101 105 96 90 159 403 112 131 113 120
Changes in Operating Assets and Liabilities, net		 -26 -22 -77 -94 -54 103 -356 -677 56 455 -134
Net Cash From Investing Activities		 -649 -689 -326 -361 -374 -571 -335 -320 -329 -47 -444
Net Cash From Continuing Investing Activities		 -649 -689 -326 -361 -374 -571 -335 -320 -329 -47 -444
Purchase of Property, Plant & Equipment		 -280 -284 -314 -350 -328 -340 -300 -300 -314 -295 -433
Purchase of Investments		 - -2.00 -3.00 -15 - - - - -9.00 -4.00 -20
Divestitures		 - - - - - - - 0.00 0.00 255 12
Other Investing Activities, net		 - - - 2.00 -6.00 -2.00 -13 2.00 -6.00 -3.00 -3.00
Net Cash From Financing Activities		 -116 0.00 -375 -589 -364 143 -373 103 -569 -765 -491
Net Cash From Continuing Financing Activities		 -116 0.00 -375 -589 -364 143 -373 103 -569 -765 -491
Repayment of Debt		 -1,366 - -1,240 -738 -1,465 -1,233 -1,440 -532 -1,012 -1,118 -449
Repurchase of Common Equity		 -41 -8.00 -123 -657 66 0.00 -68 -158 -103 -256 -224
Payment of Dividends		 -126 141 -165 -182 -174 -178 -184 -181 -194 -210 -211
Issuance of Debt		 1,388 1,880 1,144 987 1,209 1,550 1,300 965 720 773 405
Other Financing Activities, net		 8.00 - - - - - - - 20 46 -12
Effect of Exchange Rate Changes		 -67 - - - - 0.00 -21 -27 6.00 -28 24

Quarterly Cash Flow Statements for Ingredion

This table details how cash moves in and out of Ingredion's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 66 37 67 372 120 -160 24 54 115 -116 34
Net Cash From Operating Activities		 410 209 312 479 436 77 185 277 405 33 90
Net Cash From Continuing Operating Activities		 410 209 312 479 436 77 185 277 405 33 90
Net Income / (Loss) Continuing Operations		 133 218 150 189 97 199 198 172 167 144 116
Consolidated Net Income / (Loss)		 133 218 150 189 97 199 198 172 167 144 116
Depreciation Expense		 54 53 54 53 54 55 53 57 57 55 55
Non-Cash Adjustments To Reconcile Net Income		 31 -36 37 6.00 106 37 23 24 36 29 52
Changes in Operating Assets and Liabilities, net		 192 -26 71 231 179 -214 -89 24 145 -195 -133
Net Cash From Investing Activities		 -87 181 -56 -46 -126 -78 -125 -87 -142 -100 -2.00
Net Cash From Continuing Investing Activities		 -87 181 -56 -46 -126 -78 -125 -87 -142 -100 -2.00
Purchase of Property, Plant & Equipment		 -83 -65 -55 -50 -131 -92 -101 -105 -135 -110 -100
Purchase of Investments		 - - - - - 0.00 - 8.00 -9.00 -1.00 -25
Divestitures		 - 247 - 8.00 - 12 - 12 - 12 127
Other Investing Activities, net		 -4.00 -1.00 -1.00 -4.00 -1.00 2.00 -5.00 -2.00 2.00 -1.00 -4.00
Net Cash From Financing Activities		 -268 -347 -179 -75 -164 -166 -50 -136 -151 -48 -53
Net Cash From Continuing Financing Activities		 -268 -347 -179 -75 -164 -166 -50 -136 -151 -48 -53
Repayment of Debt		 -303 -446 143 -563 -252 -154 -111 -96 -88 -123 -108
Payment of Dividends		 -51 -51 -53 -52 -54 -52 -54 -51 -54 -52 -53
Issuance of Debt		 84 149 -173 551 246 106 125 93 81 158 108
Effect of Exchange Rate Changes		 11 -6.00 -10 14 -26 7.00 14 - 3.00 -1.00 -1.00

Annual Balance Sheets for Ingredion

This table presents Ingredion's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 5,074 5,782 6,080 5,728 6,040 6,858 6,999 7,561 7,642 7,444 7,897
Total Current Assets		 1,950 2,252 2,415 2,138 2,160 2,647 2,697 3,309 3,399 3,355 3,505
Cash & Equivalents		 434 512 595 327 264 665 328 236 401 997 1,030
Short-Term Investments		 6.00 4.00 9.00 7.00 4.00 0.00 4.00 3.00 8.00 11 3.00
Accounts Receivable		 775 923 961 951 977 1,011 1,130 1,411 1,279 1,093 1,185
Inventories, net		 715 789 823 824 861 917 1,172 1,597 1,450 1,187 1,227
Prepaid Expenses		 20 24 27 29 54 54 63 62 261 67 60
Plant, Property, & Equipment, net		 1,989 2,116 2,217 2,198 2,306 2,455 2,423 2,407 2,370 2,264 2,526
Total Noncurrent Assets		 1,135 1,414 1,448 1,392 1,574 1,756 1,879 1,845 1,873 1,825 1,866
Goodwill		 601 784 803 791 801 1,346 1,348 1,301 1,303 1,264 922
Intangible Assets		 410 502 493 460 437 - - - - - 347
Other Noncurrent Operating Assets		 117 121 143 131 323 410 531 544 570 561 597
Total Liabilities & Shareholders' Equity		 5,074 5,782 6,080 5,728 6,040 6,858 6,999 7,561 7,642 7,444 7,897
Total Liabilities		 2,894 3,157 3,127 3,283 3,268 3,786 3,774 4,299 3,992 3,554 3,531
Total Current Liabilities		 742 978 957 946 967 1,458 1,512 1,882 1,772 1,281 1,316
Short-Term Debt		 19 106 120 169 82 438 308 543 448 44 48
Accounts Payable		 423 440 493 452 504 599 774 873 778 604 693
Other Current Liabilities		 - - - - - - - 466 546 633 575
Total Noncurrent Liabilities		 2,152 2,179 2,170 2,337 2,301 2,328 2,262 2,417 2,220 2,273 2,215
Long-Term Debt		 1,989 2,008 1,971 1,931 1,766 2,328 2,262 2,417 2,220 2,273 2,215
Redeemable Noncontrolling Interest		 - 30 36 37 31 100 107 99 98 67 71
Total Equity & Noncontrolling Interests		 2,180 2,595 2,917 2,408 2,741 2,972 3,118 3,163 3,552 3,823 4,295
Total Preferred & Common Equity		 2,144 2,565 2,891 2,388 2,720 2,951 3,100 3,147 3,538 3,804 4,274
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,144 2,565 2,891 2,388 2,720 2,951 3,100 3,147 3,538 3,804 4,274
Common Stock		 1,161 1,150 1,139 1,097 1,138 1,151 1,159 1,133 1,147 1,153 1,156
Retained Earnings		 2,552 2,899 3,259 3,536 3,780 3,957 3,899 4,210 4,654 5,092 5,610
Accumulated Other Comprehensive Income / (Loss)		 -1,102 -1,071 -1,013 -1,154 -1,158 -1,133 -897 -1,048 -1,056 -1,086 -937
Other Equity Adjustments		 -467 -413 -494 -1,091 -1,040 - -1,061 - -1,207 -1,355 -1,555
Noncontrolling Interest		 36 30 26 20 21 21 18 16 14 19 21

Quarterly Balance Sheets for Ingredion

This table presents Ingredion's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 7,645 7,600 7,549 7,319 7,221 7,525 7,468 7,781 7,833 7,928 8,070
Total Current Assets		 3,402 3,311 3,289 3,125 3,099 3,351 3,365 3,517 3,516 3,525 3,523
Cash & Equivalents		 216 257 335 438 505 877 837 861 915 914 948
Short-Term Investments		 5.00 6.00 6.00 7.00 5.00 7.00 9.00 7.00 6.00 4.00 4.00
Accounts Receivable		 1,455 1,366 1,380 1,284 1,286 1,173 1,284 1,359 1,312 1,358 1,386
Inventories, net		 1,663 1,618 1,502 1,344 1,244 1,234 1,172 1,223 1,225 1,183 1,109
Prepaid Expenses		 63 64 66 52 59 60 63 67 58 66 76
Plant, Property, & Equipment, net		 2,397 2,414 2,401 2,334 2,291 2,332 2,289 2,361 2,435 2,561 2,521
Total Noncurrent Assets		 1,846 1,875 1,859 1,860 1,831 1,842 1,814 1,903 1,882 1,842 2,026
Goodwill		 1,297 1,311 1,296 1,286 1,275 1,295 1,264 1,280 1,273 920 917
Intangible Assets		 - - - - - - - - - 339 337
Other Noncurrent Operating Assets		 549 564 563 574 556 547 550 623 609 583 772
Total Liabilities & Shareholders' Equity		 7,645 7,600 7,549 7,319 7,221 7,525 7,468 7,781 7,833 7,928 8,070
Total Liabilities		 4,280 4,125 4,082 3,494 3,442 3,495 3,420 3,505 3,509 3,482 3,497
Total Current Liabilities		 1,892 1,720 1,668 1,283 1,230 1,255 1,182 1,264 1,278 1,277 1,259
Short-Term Debt		 701 522 466 141 109 99 42 46 57 83 41
Accounts Payable		 1,191 1,198 1,202 659 606 604 634 666 652 613 651
Other Current Liabilities		 - - - 483 515 552 506 552 569 581 567
Total Noncurrent Liabilities		 2,388 2,405 2,414 2,211 2,212 2,240 2,238 2,241 2,231 2,205 2,238
Long-Term Debt		 2,388 2,405 2,414 2,211 2,212 2,240 2,238 2,241 2,231 2,205 2,238
Redeemable Noncontrolling Interest		 89 86 90 85 57 61 50 58 65 41 49
Total Equity & Noncontrolling Interests		 3,276 3,389 3,377 3,740 3,722 3,969 3,998 4,218 4,259 4,405 4,524
Total Preferred & Common Equity		 3,263 3,377 3,364 3,724 3,705 3,950 3,977 4,197 4,238 4,383 4,524
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,263 3,377 3,364 3,724 3,705 3,950 3,977 4,197 4,238 4,383 4,524
Common Stock		 1,134 1,143 1,144 1,147 1,142 1,146 1,159 1,161 1,157 1,163 1,164
Retained Earnings		 4,354 4,469 4,575 4,818 4,914 5,049 5,236 5,380 5,497 5,700 5,761
Accumulated Other Comprehensive Income / (Loss)		 -1,098 -1,119 -1,144 -1,062 -1,118 -1,000 -1,025 -953 -950 -927 -848
Other Equity Adjustments		 - -1,116 -1,211 -1,179 - -1,245 -1,393 -1,391 -1,466 -1,553 -1,553
Noncontrolling Interest		 13 12 13 16 17 19 21 21 21 22 0.00

Annual Metrics And Ratios for Ingredion

This table displays calculated financial ratios and metrics derived from Ingredion's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.83% 1.48% 9.47% 0.72% -1.27% -3.58% 15.15% 15.26% 2.69% -8.95% -2.84%
EBITDA Growth		 10.05% 17.56% 4.68% -9.23% -7.44% -9.40% -32.25% 81.18% 19.35% 1.02% 4.14%
EBIT Growth		 13.60% 22.42% 4.21% -16.03% -6.22% -11.46% -45.14% 138.20% 24.25% 1.78% 4.23%
NOPAT Growth		 11.93% 18.69% 7.34% -11.14% -5.88% -15.83% -61.63% 266.49% 29.67% -16.47% 23.77%
Net Income Growth		 13.50% 20.39% 7.26% -14.66% -6.61% -16.51% -64.69% 301.60% 29.68% 0.46% 12.54%
EPS Growth		 16.24% 18.87% 7.79% -12.61% -0.65% -15.99% -66.41% 324.28% 30.79% 1.15% 15.14%
Operating Cash Flow Growth		 -6.16% 12.39% -0.26% -8.58% -3.27% 21.91% -52.71% -61.22% 595.39% 35.86% -34.26%
Free Cash Flow Firm Growth		 -43.31% -76.97% 466.54% 105.60% -53.87% -220.74% 67.68% 139.36% 1,451.19% 62.91% -72.13%
Invested Capital Growth		 4.96% 12.67% 5.14% -5.16% 3.35% 18.86% 5.61% 9.52% -1.24% -12.02% 7.64%
Revenue Q/Q Growth		 2.09% -0.09% 7.75% 0.40% -4.97% 0.74% 2.41% 3.01% -0.80% -1.60% -0.59%
EBITDA Q/Q Growth		 6.88% 1.83% 2.34% -3.83% 1.61% -1.11% -10.12% 5.82% 3.81% -3.35% 4.94%
EBIT Q/Q Growth		 8.91% 2.15% 2.56% -5.86% 1.69% -0.34% -18.07% 9.10% 4.84% -4.06% 5.75%
NOPAT Q/Q Growth		 11.80% -2.14% 0.85% 0.21% 3.47% 1.23% -26.95% 13.29% 1.23% -6.99% 10.58%
Net Income Q/Q Growth		 12.02% -1.98% 1.14% -1.30% 3.92% 0.85% -27.75% 10.33% 2.84% -5.22% 10.51%
EPS Q/Q Growth		 11.76% -2.09% 1.00% 0.65% 4.07% 1.58% -28.22% 10.38% 2.78% -5.27% 11.47%
Operating Cash Flow Q/Q Growth		 -8.53% 3.21% 2.12% -14.68% 10.75% 10.24% -25.48% -28.64% 47.01% 1.84% -3.18%
Free Cash Flow Firm Q/Q Growth		 132.62% -88.29% 14,557.88% 22.83% -37.29% -325.87% 33.82% 111.74% 37.81% 11.99% -24.07%
Invested Capital Q/Q Growth		 -3.03% 9.09% -0.16% -3.31% 1.78% 15.08% 11.24% 2.01% -1.62% -5.21% -1.67%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 22.10% 24.56% 23.57% 21.75% 21.13% 21.25% 19.31% 18.80% 21.43% 24.11% 25.32%
EBITDA Margin		 15.19% 17.60% 16.83% 15.17% 14.22% 13.36% 7.86% 12.36% 14.36% 15.94% 17.08%
Operating Margin		 11.74% 14.13% 13.39% 11.18% 10.69% 9.72% 4.50% 9.59% 11.73% 11.88% 14.07%
EBIT Margin		 11.74% 14.17% 13.48% 11.24% 10.68% 9.80% 4.67% 9.65% 11.68% 13.06% 14.00%
Profit (Net Income) Margin		 7.33% 8.70% 8.52% 7.22% 6.83% 5.91% 1.81% 6.32% 7.98% 8.80% 10.20%
Tax Burden Percent		 68.78% 66.85% 69.18% 73.11% 72.85% 69.96% 50.40% 75.15% 77.59% 70.25% 75.56%
Interest Burden Percent		 90.76% 91.83% 91.33% 87.84% 87.78% 86.20% 77.02% 87.09% 88.04% 95.98% 96.34%
Effective Tax Rate		 31.22% 33.15% 30.82% 26.89% 27.15% 30.04% 49.60% 24.85% 22.41% 29.75% 24.44%
Return on Invested Capital (ROIC)		 12.40% 13.52% 13.35% 11.88% 11.30% 8.55% 2.94% 10.01% 12.49% 11.17% 14.22%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.54% 10.82% 10.35% 8.20% 7.73% 5.66% 1.50% 7.16% 8.81% 13.06% 11.72%
Return on Net Nonoperating Assets (RNNOA)		 6.38% 7.13% 5.72% 4.94% 4.96% 3.57% 1.03% 5.47% 6.35% 6.18% 3.61%
Return on Equity (ROE)		 18.78% 20.65% 19.07% 16.82% 16.25% 12.12% 3.97% 15.48% 18.84% 17.35% 17.83%
Cash Return on Invested Capital (CROIC)		 7.57% 1.60% 8.34% 17.18% 8.01% -8.69% -2.52% 0.92% 13.73% 23.95% 6.87%
Operating Return on Assets (OROA)		 12.99% 14.89% 14.20% 11.97% 11.27% 9.10% 4.65% 10.54% 12.54% 12.86% 13.18%
Return on Assets (ROA)		 8.11% 9.14% 8.97% 7.69% 7.21% 5.49% 1.80% 6.90% 8.56% 8.67% 9.60%
Return on Common Equity (ROCE)		 18.50% 20.23% 18.66% 16.45% 15.91% 11.76% 3.82% 14.90% 18.22% 16.89% 17.45%
Return on Equity Simple (ROE_SIMPLE)		 19.22% 19.34% 18.40% 19.01% 15.59% 12.00% 4.03% 15.95% 18.40% 17.19% 0.00%
Net Operating Profit after Tax (NOPAT)		 454 539 578 514 484 407 156 573 743 620 768
NOPAT Margin		 8.08% 9.45% 9.26% 8.17% 7.79% 6.80% 2.27% 7.21% 9.10% 8.35% 10.64%
Net Nonoperating Expense Percent (NNEP)		 2.86% 2.70% 3.00% 3.69% 3.57% 2.89% 1.44% 2.85% 3.68% -1.89% 2.50%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 9.35% 11.94% 10.10% 11.71%
Cost of Revenue to Revenue		 77.90% 75.44% 76.43% 78.25% 78.87% 78.75% 80.69% 81.20% 78.57% 75.90% 74.68%
SG&A Expenses to Revenue		 0.00% 0.00% 9.87% 9.72% 9.82% 10.49% 9.69% 9.00% 9.67% 10.52% 11.29%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 10.35% 10.43% 10.19% 10.57% 10.44% 11.53% 14.81% 9.21% 9.71% 12.22% 11.25%
Earnings before Interest and Taxes (EBIT)		 660 808 842 707 663 587 322 767 953 970 1,011
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 854 1,004 1,051 954 883 800 542 982 1,172 1,184 1,233
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.57 2.88 2.89 2.30 2.00 1.61 1.93 1.93 1.95 2.34 1.63
Price to Tangible Book Value (P/TBV)		 4.86 5.77 5.23 4.83 3.66 2.97 3.41 3.29 3.09 3.51 2.31
Price to Revenue (P/Rev)		 0.98 1.29 1.34 0.87 0.87 0.80 0.87 0.77 0.85 1.20 0.96
Price to Earnings (P/E)		 13.70 15.22 16.07 12.39 13.14 13.69 51.09 12.36 10.73 13.77 9.54
Dividend Yield		 2.26% 1.86% 1.90% 3.15% 3.09% 3.57% 2.87% 2.93% 2.82% 2.30% 2.94%
Earnings Yield		 7.30% 6.57% 6.22% 8.07% 7.61% 7.31% 1.96% 8.09% 9.32% 7.26% 10.49%
Enterprise Value to Invested Capital (EV/IC)		 1.90 2.14 2.23 1.74 1.62 1.35 1.53 1.49 1.57 1.98 1.48
Enterprise Value to Revenue (EV/Rev)		 1.27 1.58 1.58 1.16 1.14 1.17 1.21 1.12 1.14 1.39 1.15
Enterprise Value to EBITDA (EV/EBITDA)		 8.33 9.00 9.41 7.67 8.00 8.73 15.39 9.08 7.91 8.70 6.71
Enterprise Value to EBIT (EV/EBIT)		 10.77 11.19 11.75 10.34 10.65 11.90 25.90 11.63 9.73 10.62 8.18
Enterprise Value to NOPAT (EV/NOPAT)		 15.66 16.78 17.10 14.23 14.60 17.16 53.38 15.57 12.49 16.62 10.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.36 11.72 12.86 10.40 10.38 8.43 21.28 58.67 8.77 7.18 8.77
Enterprise Value to Free Cash Flow (EV/FCFF)		 25.67 141.72 27.37 9.84 20.60 0.00 0.00 169.41 11.35 7.75 22.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.92 0.81 0.71 0.86 0.67 0.90 0.80 0.91 0.73 0.60 0.52
Long-Term Debt to Equity		 0.91 0.77 0.67 0.79 0.64 0.76 0.70 0.74 0.61 0.58 0.51
Financial Leverage		 0.67 0.66 0.55 0.60 0.64 0.63 0.69 0.76 0.72 0.47 0.31
Leverage Ratio		 2.32 2.26 2.13 2.19 2.26 2.21 2.20 2.24 2.20 2.00 1.86
Compound Leverage Factor		 2.10 2.07 1.94 1.92 1.98 1.90 1.69 1.95 1.94 1.92 1.79
Debt to Total Capital		 47.95% 44.61% 41.46% 46.20% 40.00% 47.38% 44.35% 47.57% 42.23% 37.33% 34.14%
Short-Term Debt to Total Capital		 0.45% 2.24% 2.38% 3.72% 1.77% 7.50% 5.31% 8.73% 7.09% 0.71% 0.72%
Long-Term Debt to Total Capital		 47.49% 42.37% 39.08% 42.49% 38.23% 39.88% 39.03% 38.85% 35.14% 36.62% 33.41%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.86% 1.27% 1.23% 1.25% 1.13% 2.07% 2.16% 1.85% 1.77% 1.39% 1.39%
Common Equity to Total Capital		 51.19% 54.13% 57.32% 52.54% 58.87% 50.55% 53.49% 50.58% 56.00% 61.29% 64.47%
Debt to EBITDA		 2.35 2.11 1.99 2.20 2.09 3.46 4.74 3.01 2.28 1.96 1.84
Net Debt to EBITDA		 1.84 1.59 1.41 1.85 1.79 2.63 4.13 2.77 1.93 1.11 1.00
Long-Term Debt to EBITDA		 2.33 2.00 1.88 2.02 2.00 2.91 4.17 2.46 1.89 1.92 1.80
Debt to NOPAT		 4.42 3.92 3.62 4.09 3.82 6.79 16.45 5.17 3.59 3.74 2.95
Net Debt to NOPAT		 3.45 2.97 2.57 3.44 3.27 5.16 14.32 4.75 3.04 2.11 1.60
Long-Term Debt to NOPAT		 4.38 3.73 3.41 3.76 3.65 5.72 14.48 4.22 2.99 3.66 2.89
Altman Z-Score		 3.67 3.82 4.12 3.62 3.50 2.93 3.07 3.24 3.62 4.22 3.85
Noncontrolling Interest Sharing Ratio		 1.50% 2.00% 2.19% 2.20% 2.09% 2.96% 3.91% 3.70% 3.28% 2.63% 2.16%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.63 2.30 2.52 2.26 2.23 1.82 1.78 1.76 1.92 2.62 2.66
Quick Ratio		 1.64 1.47 1.64 1.36 1.29 1.15 0.97 0.88 0.95 1.64 1.69
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 277 64 361 743 343 -414 -134 53 817 1,330 371
Operating Cash Flow to CapEx		 283.47% 274.38% 251.31% 201.43% 208.59% 248.95% 139.01% 51.88% 336.62% 486.78% 218.01%
Free Cash Flow to Firm to Interest Expense		 4.54 0.97 4.95 8.64 4.23 -5.11 -1.81 0.53 7.16 34.11 10.02
Operating Cash Flow to Interest Expense		 11.25 11.68 10.53 8.17 8.40 10.23 5.30 1.54 9.27 36.82 25.51
Operating Cash Flow Less CapEx to Interest Expense		 7.28 7.42 6.34 4.12 4.37 6.12 1.49 -1.42 6.52 29.26 13.81
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.11 1.05 1.05 1.07 1.06 0.93 1.00 1.09 1.07 0.99 0.94
Accounts Receivable Turnover		 7.31 6.72 6.63 6.58 6.44 6.02 6.44 6.25 6.07 6.26 6.34
Inventory Turnover		 6.19 5.72 5.92 5.98 5.81 5.30 5.33 4.66 4.21 4.28 4.47
Fixed Asset Turnover		 2.77 2.78 2.88 2.85 2.76 2.52 2.83 3.29 3.42 3.21 3.01
Accounts Payable Turnover		 10.27 9.97 10.23 10.41 10.24 8.55 8.10 7.83 7.77 8.16 8.31
Days Sales Outstanding (DSO)		 49.90 54.33 55.07 55.48 56.67 60.60 56.68 58.36 60.16 58.26 57.59
Days Inventory Outstanding (DIO)		 58.93 63.79 61.65 61.08 62.80 68.82 68.53 78.32 86.74 85.34 81.72
Days Payable Outstanding (DPO)		 35.55 36.60 35.68 35.05 35.63 42.69 45.04 46.59 47.00 44.73 43.91
Cash Conversion Cycle (CCC)		 73.28 81.51 81.03 81.52 83.84 86.73 80.17 90.10 99.90 98.88 95.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,748 4,223 4,440 4,211 4,352 5,173 5,463 5,983 5,909 5,199 5,596
Invested Capital Turnover		 1.54 1.43 1.44 1.45 1.45 1.26 1.30 1.39 1.37 1.34 1.34
Increase / (Decrease) in Invested Capital		 177 475 217 -229 141 821 290 520 -74 -710 397
Enterprise Value (EV)		 7,110 9,039 9,891 7,314 7,060 6,985 8,341 8,918 9,271 10,306 8,275
Market Capitalization		 5,506 7,381 8,342 5,491 5,428 4,763 5,978 6,082 6,900 8,911 6,953
Book Value per Share		 $29.97 $35.43 $40.23 $33.77 $40.74 $44.05 $46.59 $48.01 $54.27 $58.38 $67.28
Tangible Book Value per Share		 $15.84 $17.67 $22.19 $16.08 $22.20 $23.96 $26.33 $28.16 $34.28 $38.98 $47.30
Total Capital		 4,188 4,739 5,044 4,545 4,620 5,838 5,795 6,222 6,318 6,207 6,629
Total Debt		 2,008 2,114 2,091 2,100 1,848 2,766 2,570 2,960 2,668 2,317 2,263
Total Long-Term Debt		 1,989 2,008 1,971 1,931 1,766 2,328 2,262 2,417 2,220 2,273 2,215
Net Debt		 1,568 1,598 1,487 1,766 1,580 2,101 2,238 2,721 2,259 1,309 1,230
Capital Expenditures (CapEx)		 242 281 306 349 326 333 282 293 314 295 433
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 787 864 974 1,027 1,007 962 1,161 1,731 1,666 1,110 1,204
Debt-free Net Working Capital (DFNWC)		 1,227 1,380 1,578 1,361 1,275 1,627 1,493 1,970 2,075 2,118 2,237
Net Working Capital (NWC)		 1,208 1,274 1,458 1,192 1,193 1,189 1,185 1,427 1,627 2,074 2,189
Net Nonoperating Expense (NNE)		 42 43 46 60 60 53 31 71 92 -34 32
Net Nonoperating Obligations (NNO)		 1,568 1,598 1,487 1,766 1,580 2,101 2,238 2,721 2,259 1,309 1,230
Total Depreciation and Amortization (D&A)		 194 196 209 247 220 213 220 215 219 214 222
Debt-free, Cash-free Net Working Capital to Revenue		 14.00% 15.15% 15.60% 16.33% 16.22% 16.07% 16.84% 21.78% 20.42% 14.94% 16.68%
Debt-free Net Working Capital to Revenue		 21.83% 24.19% 25.27% 21.64% 20.53% 27.18% 21.66% 24.79% 25.43% 28.51% 30.99%
Net Working Capital to Revenue		 21.49% 22.34% 23.35% 18.95% 19.21% 19.86% 17.19% 17.96% 19.94% 27.91% 30.32%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $5.62 $6.70 $7.21 $6.25 $6.17 $5.18 $1.74 $7.43 $9.74 $9.88 $11.36
Adjusted Weighted Average Basic Shares Outstanding		 71.60M 72.30M 72M 70.90M 66.90M 67.20M 67.10M 66.20M 66M 65.50M 64.20M
Adjusted Diluted Earnings per Share		 $5.51 $6.55 $7.06 $6.17 $6.13 $5.15 $1.73 $7.34 $9.60 $9.71 $11.18
Adjusted Weighted Average Diluted Shares Outstanding		 73M 74.10M 73.50M 71.80M 67.40M 67.60M 67.80M 67M 67M 66.60M 65.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 71.89M 71.79M 72.24M 66.67M 66.88M 67.11M 66.71M 65.95M 65.56M 64.19M 62.95M
Normalized Net Operating Profit after Tax (NOPAT)		 855 939 605 561 525 472 351 576 751 709 784
Normalized NOPAT Margin		 15.21% 16.47% 9.68% 8.92% 8.46% 7.89% 5.10% 7.24% 9.20% 9.55% 10.85%
Pre Tax Income Margin		 10.66% 13.01% 12.32% 9.87% 9.37% 8.45% 3.60% 8.41% 10.28% 12.53% 13.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.82 12.24 11.53 8.22 8.19 7.25 4.35 7.75 8.36 24.87 27.32
NOPAT to Interest Expense		 7.44 8.16 7.92 5.98 5.97 5.03 2.11 5.78 6.51 15.90 20.75
EBIT Less CapEx to Interest Expense		 6.85 7.98 7.34 4.16 4.16 3.14 0.54 4.79 5.61 17.31 15.62
NOPAT Less CapEx to Interest Expense		 3.47 3.91 3.73 1.92 1.95 0.92 -1.70 2.82 3.76 8.34 9.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 30.58% -28.43% 31.02% 40.09% 41.04% 50.28% 147.20% 36.06% 29.80% 32.11% 28.67%
Augmented Payout Ratio		 40.53% -26.81% 54.14% 184.80% 25.47% 50.28% 201.60% 67.53% 45.62% 71.25% 59.10%

Quarterly Metrics And Ratios for Ingredion

This table displays calculated financial ratios and metrics derived from Ingredion's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 62,945,041.00 63,059,061.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 62,945,041.00 63,059,061.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.26 1.81
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.32% -11.93% -9.23% -8.02% -6.30% -3.67% -2.40% -2.89% -2.39% -1.16% 0.93%
EBITDA Growth		 20.19% 0.87% -3.29% 22.47% -16.02% -4.89% 10.20% -6.73% 26.98% -22.05% -12.04%
EBIT Growth		 27.85% 1.37% -3.61% 29.86% -20.30% -6.44% 12.92% -9.49% 34.16% -26.45% -15.13%
NOPAT Growth		 4.84% -22.82% -16.73% 0.72% -32.27% 22.27% 32.36% -4.22% 71.68% -26.75% -39.85%
Net Income Growth		 15.65% 12.37% -8.54% 18.13% -27.07% -8.72% 32.00% -8.99% 72.16% -27.64% -41.41%
EPS Growth		 15.20% 13.33% -8.26% 19.92% -27.41% -7.12% 34.68% -7.77% 80.42% -26.00% -40.47%
Operating Cash Flow Growth		 469.44% 509.80% -5.45% 30.16% 6.34% -63.16% -40.71% -42.17% -7.11% -57.14% -51.35%
Free Cash Flow Firm Growth		 160.54% 676.78% 1,015.83% 1,534.89% 258.87% -31.91% -85.52% -104.00% -126.99% -140.23% -178.67%
Invested Capital Growth		 -1.24% -8.04% -8.94% -8.67% -12.02% -4.36% 1.88% 3.76% 7.64% 6.09% 3.60%
Revenue Q/Q Growth		 -5.51% -2.03% -0.21% -0.43% -3.74% 0.72% 1.10% -0.93% -3.25% 1.99% 3.24%
EBITDA Q/Q Growth		 -4.12% 35.94% -15.52% 11.22% -34.25% 53.95% -2.11% -5.86% -10.49% -5.49% 10.47%
EBIT Q/Q Growth		 -4.27% 46.04% -18.64% 14.17% -41.24% 71.43% -1.81% -8.49% -12.90% -6.02% 13.30%
NOPAT Q/Q Growth		 -17.14% 10.21% -6.96% 18.54% -44.28% 98.98% 0.71% -14.22% -0.12% -15.10% -17.30%
Net Income Q/Q Growth		 -16.88% 63.91% -31.19% 26.00% -48.68% 105.15% -0.50% -13.13% -2.91% -13.77% -19.44%
EPS Q/Q Growth		 -16.53% 63.96% -31.27% 27.48% -49.47% 109.79% -0.33% -12.71% -1.15% -13.95% -19.82%
Operating Cash Flow Q/Q Growth		 11.41% -49.02% 49.28% 53.53% -8.98% -82.34% 140.26% 49.73% 46.21% -91.85% 172.73%
Free Cash Flow Firm Q/Q Growth		 424.45% 195.28% 5.42% 0.14% 15.12% -43.97% -77.58% -127.69% -675.92% 16.49% 56.15%
Invested Capital Q/Q Growth		 -1.62% -3.00% -2.48% -1.88% -5.21% 5.44% 3.89% -0.07% -1.67% 3.93% 1.44%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 20.82% 22.16% 23.75% 25.62% 24.94% 25.70% 26.02% 25.06% 24.47% 22.38% 23.03%
EBITDA Margin		 13.33% 18.49% 15.66% 17.49% 11.94% 18.26% 17.68% 16.80% 15.54% 14.40% 15.41%
Operating Margin		 10.52% 11.32% 12.78% 14.33% 9.00% 15.22% 14.78% 13.71% 12.52% 11.33% 10.16%
EBIT Margin		 10.52% 15.67% 12.78% 14.65% 8.94% 15.22% 14.78% 13.66% 12.29% 11.33% 12.43%
Profit (Net Income) Margin		 6.92% 11.58% 7.99% 10.11% 5.39% 10.98% 10.80% 9.47% 9.50% 8.04% 6.27%
Tax Burden Percent		 75.57% 78.99% 65.22% 69.23% 63.82% 74.53% 76.45% 71.37% 80.68% 74.23% 66.29%
Interest Burden Percent		 87.13% 93.56% 95.83% 99.64% 94.41% 96.74% 95.57% 97.18% 95.83% 95.57% 76.09%
Effective Tax Rate		 24.43% 21.01% 34.78% 30.77% 36.18% 25.47% 23.55% 28.63% 19.32% 25.77% 33.71%
Return on Invested Capital (ROIC)		 10.91% 11.81% 10.96% 13.04% 7.68% 14.90% 14.65% 12.72% 13.51% 10.71% 8.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.12% 13.90% 10.67% 13.21% 7.33% 14.49% 14.09% 12.31% 12.68% 10.24% 7.76%
Return on Net Nonoperating Assets (RNNOA)		 7.29% 9.23% 6.58% 7.04% 3.47% 6.15% 5.65% 4.16% 3.90% 3.38% 2.41%
Return on Equity (ROE)		 18.19% 21.04% 17.55% 20.08% 11.15% 21.05% 20.30% 16.88% 17.41% 14.09% 10.79%
Cash Return on Invested Capital (CROIC)		 13.73% 19.96% 20.65% 20.68% 23.95% 16.08% 10.57% 8.74% 6.87% 6.70% 7.34%
Operating Return on Assets (OROA)		 11.29% 16.56% 13.30% 14.68% 8.81% 15.16% 14.42% 12.91% 11.57% 10.59% 11.32%
Return on Assets (ROA)		 7.43% 12.24% 8.31% 10.13% 5.31% 10.93% 10.54% 8.96% 8.95% 7.51% 5.71%
Return on Common Equity (ROCE)		 17.60% 20.45% 17.13% 19.59% 10.86% 20.59% 19.92% 16.54% 17.04% 13.87% 10.63%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 18.13% 17.84% 17.47% 0.00% 15.97% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 153 168 157 186 103 206 207 178 177 151 125
NOPAT Margin		 7.95% 8.94% 8.33% 9.92% 5.74% 11.35% 11.30% 9.79% 10.10% 8.41% 6.74%
Net Nonoperating Expense Percent (NNEP)		 0.79% -2.08% 0.29% -0.17% 0.36% 0.40% 0.57% 0.40% 0.83% 0.48% 0.63%
Return On Investment Capital (ROIC_SIMPLE)		 2.45% - - - 1.68% 3.28% 3.18% 2.71% 2.71% 2.25% 1.83%
Cost of Revenue to Revenue		 79.18% 77.84% 76.25% 74.39% 75.06% 74.30% 73.98% 74.94% 75.53% 77.62% 76.97%
SG&A Expenses to Revenue		 10.98% 10.04% 10.17% 10.59% 11.33% 10.65% 11.35% 11.18% 12.01% 11.16% 11.19%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 10.31% 10.84% 10.97% 11.28% 15.94% 10.48% 11.24% 11.34% 11.95% 11.05% 12.86%
Earnings before Interest and Taxes (EBIT)		 202 295 240 274 161 276 271 248 216 203 230
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 256 348 294 327 215 331 324 305 273 258 285
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.95 2.03 2.02 2.25 2.34 2.17 2.07 1.84 1.63 1.61 1.31
Price to Tangible Book Value (P/TBV)		 3.09 3.10 3.08 3.35 3.51 3.18 2.97 2.63 2.31 2.25 1.81
Price to Revenue (P/Rev)		 0.85 0.96 0.97 1.18 1.20 1.17 1.19 1.07 0.96 0.98 0.82
Price to Earnings (P/E)		 10.73 11.33 11.45 13.02 13.77 13.74 12.83 11.81 9.54 10.44 10.00
Dividend Yield		 2.82% 2.63% 2.68% 2.28% 2.30% 2.35% 2.36% 2.64% 2.94% 2.90% 3.47%
Earnings Yield		 9.32% 8.83% 8.73% 7.68% 7.26% 7.28% 7.80% 8.47% 10.49% 9.57% 10.00%
Enterprise Value to Invested Capital (EV/IC)		 1.57 1.67 1.68 1.90 1.98 1.85 1.79 1.62 1.48 1.46 1.24
Enterprise Value to Revenue (EV/Rev)		 1.14 1.21 1.21 1.38 1.39 1.38 1.39 1.27 1.15 1.18 1.01
Enterprise Value to EBITDA (EV/EBITDA)		 7.91 8.15 8.04 8.51 8.70 8.68 8.49 7.86 6.71 7.27 6.73
Enterprise Value to EBIT (EV/EBIT)		 9.73 10.00 9.88 10.31 10.62 10.65 10.35 9.66 8.18 8.98 8.48
Enterprise Value to NOPAT (EV/NOPAT)		 12.49 13.81 14.15 15.63 16.62 15.55 14.49 13.31 10.78 11.89 11.57
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.77 7.27 7.21 7.39 7.18 7.77 8.64 9.47 8.77 9.41 9.06
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.35 8.02 7.73 8.78 7.75 11.24 17.04 18.92 22.32 22.37 17.15
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.73 0.61 0.61 0.58 0.60 0.56 0.53 0.53 0.52 0.51 0.50
Long-Term Debt to Equity		 0.61 0.58 0.59 0.56 0.58 0.55 0.52 0.52 0.51 0.50 0.49
Financial Leverage		 0.72 0.66 0.62 0.53 0.47 0.42 0.40 0.34 0.31 0.33 0.31
Leverage Ratio		 2.20 2.08 2.04 2.01 2.00 1.88 1.86 1.84 1.86 1.81 1.79
Compound Leverage Factor		 1.92 1.95 1.96 2.00 1.89 1.82 1.78 1.79 1.78 1.73 1.36
Debt to Total Capital		 42.23% 38.08% 38.05% 36.72% 37.33% 36.03% 34.85% 34.60% 34.14% 33.98% 33.26%
Short-Term Debt to Total Capital		 7.09% 2.28% 1.79% 1.55% 0.71% 0.66% 0.70% 0.86% 0.72% 1.23% 0.60%
Long-Term Debt to Total Capital		 35.14% 35.79% 36.26% 35.17% 36.62% 35.37% 34.15% 33.74% 33.41% 32.74% 32.66%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.77% 1.64% 1.21% 1.26% 1.39% 1.12% 1.20% 1.30% 1.39% 0.94% 0.72%
Common Equity to Total Capital		 56.00% 60.29% 60.74% 62.02% 61.29% 62.85% 63.95% 64.10% 64.47% 65.09% 66.02%
Debt to EBITDA		 2.28 2.00 1.99 1.91 1.96 1.95 1.91 1.95 1.84 1.96 2.10
Net Debt to EBITDA		 1.93 1.62 1.55 1.19 1.11 1.23 1.19 1.16 1.00 1.18 1.22
Long-Term Debt to EBITDA		 1.89 1.88 1.90 1.83 1.92 1.92 1.87 1.90 1.80 1.89 2.06
Debt to NOPAT		 3.59 3.39 3.51 3.51 3.74 3.50 3.26 3.30 2.95 3.21 3.61
Net Debt to NOPAT		 3.04 2.75 2.74 2.18 2.11 2.20 2.02 1.97 1.60 1.92 2.10
Long-Term Debt to NOPAT		 2.99 3.19 3.34 3.36 3.66 3.44 3.19 3.21 2.89 3.09 3.55
Altman Z-Score		 3.30 3.74 3.74 3.92 3.87 3.95 3.85 3.69 3.51 3.55 3.34
Noncontrolling Interest Sharing Ratio		 3.28% 2.82% 2.37% 2.44% 2.63% 2.18% 1.90% 1.99% 2.16% 1.58% 1.45%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.92 2.44 2.52 2.67 2.62 2.85 2.78 2.75 2.66 2.76 2.80
Quick Ratio		 0.95 1.35 1.46 1.64 1.64 1.80 1.76 1.75 1.69 1.78 1.86
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 227 669 706 707 813 456 102 -28 -220 -183 -80
Operating Cash Flow to CapEx		 493.98% 321.54% 567.27% 958.00% 348.80% 83.70% 183.17% 263.81% 300.00% 30.00% 90.00%
Free Cash Flow to Firm to Interest Expense		 8.72 35.22 70.55 706.54 90.38 50.63 8.51 -4.04 -24.39 -20.37 -1.46
Operating Cash Flow to Interest Expense		 15.77 11.00 31.20 479.00 48.44 8.56 15.42 39.57 45.00 3.67 1.64
Operating Cash Flow Less CapEx to Interest Expense		 12.58 7.58 25.70 429.00 34.56 -1.67 7.00 24.57 30.00 -8.56 -0.18
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.07 1.06 1.04 1.00 0.99 1.00 0.98 0.95 0.94 0.94 0.91
Accounts Receivable Turnover		 6.07 5.77 5.82 5.92 6.26 5.73 5.53 5.84 6.34 5.45 5.26
Inventory Turnover		 4.21 4.14 4.21 4.25 4.28 4.39 4.41 4.40 4.47 4.62 4.72
Fixed Asset Turnover		 3.42 3.34 3.28 3.19 3.21 3.18 3.15 3.05 3.01 2.97 2.96
Accounts Payable Turnover		 7.77 6.73 6.69 6.43 8.16 8.54 8.56 8.62 8.31 8.72 8.36
Days Sales Outstanding (DSO)		 60.16 63.23 62.74 61.70 58.26 63.67 65.98 62.45 57.59 66.99 69.43
Days Inventory Outstanding (DIO)		 86.74 88.14 86.62 85.96 85.34 83.17 82.69 82.87 81.72 79.08 77.34
Days Payable Outstanding (DPO)		 47.00 54.23 54.60 56.74 44.73 42.74 42.63 42.33 43.91 41.87 43.68
Cash Conversion Cycle (CCC)		 99.90 97.15 94.76 90.92 98.88 104.10 106.03 102.99 95.40 104.19 103.09
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,909 5,732 5,590 5,485 5,199 5,482 5,695 5,691 5,596 5,816 5,900
Invested Capital Turnover		 1.37 1.32 1.32 1.31 1.34 1.31 1.30 1.30 1.34 1.27 1.24
Increase / (Decrease) in Invested Capital		 -74 -501 -549 -521 -710 -250 105 206 397 334 205
Enterprise Value (EV)		 9,271 9,574 9,364 10,424 10,306 10,132 10,168 9,238 8,275 8,473 7,297
Market Capitalization		 6,900 7,566 7,479 8,889 8,911 8,627 8,670 7,785 6,953 7,040 5,921
Book Value per Share		 $54.27 $56.68 $56.44 $60.71 $58.38 $61.96 $65.26 $66.03 $67.28 $69.63 $71.74
Tangible Book Value per Share		 $34.28 $37.11 $37.02 $40.81 $38.98 $42.27 $45.36 $46.20 $47.30 $49.63 $51.86
Total Capital		 6,318 6,177 6,100 6,369 6,207 6,328 6,563 6,612 6,629 6,734 6,852
Total Debt		 2,668 2,352 2,321 2,339 2,317 2,280 2,287 2,288 2,263 2,288 2,279
Total Long-Term Debt		 2,220 2,211 2,212 2,240 2,273 2,238 2,241 2,231 2,215 2,205 2,238
Net Debt		 2,259 1,907 1,811 1,455 1,309 1,434 1,419 1,367 1,230 1,370 1,327
Capital Expenditures (CapEx)		 83 65 55 50 125 92 101 105 135 110 100
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,666 1,538 1,468 1,311 1,110 1,379 1,431 1,374 1,204 1,413 1,353
Debt-free Net Working Capital (DFNWC)		 2,075 1,983 1,978 2,195 2,118 2,225 2,299 2,295 2,237 2,331 2,305
Net Working Capital (NWC)		 1,627 1,842 1,869 2,096 2,074 2,183 2,253 2,238 2,189 2,248 2,264
Net Nonoperating Expense (NNE)		 20 -50 6.52 -3.46 6.38 6.71 9.17 5.71 10 6.68 8.62
Net Nonoperating Obligations (NNO)		 2,259 1,907 1,811 1,455 1,309 1,434 1,419 1,367 1,230 1,370 1,327
Total Depreciation and Amortization (D&A)		 54 53 54 53 54 55 53 57 57 55 55
Debt-free, Cash-free Net Working Capital to Revenue		 20.42% 19.46% 19.03% 17.36% 14.94% 18.73% 19.56% 18.92% 16.68% 19.63% 18.75%
Debt-free Net Working Capital to Revenue		 25.43% 25.09% 25.64% 29.07% 28.51% 30.23% 31.42% 31.60% 30.99% 32.38% 31.95%
Net Working Capital to Revenue		 19.94% 23.30% 24.23% 27.76% 27.91% 29.66% 30.80% 30.82% 30.32% 31.23% 31.38%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.00 $3.29 $2.25 $2.88 $1.46 $3.05 $3.04 $2.66 $2.61 $2.25 $1.80
Adjusted Weighted Average Basic Shares Outstanding		 66M 65.70M 65.70M 65.30M 65.50M 64.50M 64.50M 64.30M 64.20M 63.20M 63.30M
Adjusted Diluted Earnings per Share		 $1.97 $3.23 $2.22 $2.83 $1.43 $3.00 $2.99 $2.61 $2.58 $2.22 $1.78
Adjusted Weighted Average Diluted Shares Outstanding		 67M 66.80M 66.80M 66.50M 66.60M 65.60M 65.60M 65.40M 65.20M 64M 63.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 65.56M 65.65M 65.06M 65.16M 64.19M 64.31M 64.18M 63.53M 62.95M 63.06M 63.06M
Normalized Net Operating Profit after Tax (NOPAT)		 153 171 172 194 160 211 209 180 184 159 154
Normalized NOPAT Margin		 7.99% 9.07% 9.13% 10.37% 8.90% 11.63% 11.43% 9.90% 10.47% 8.86% 8.35%
Pre Tax Income Margin		 9.16% 14.67% 12.25% 14.60% 8.44% 14.73% 14.13% 13.27% 11.78% 10.83% 9.46%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 7.77 15.53 24.00 274.00 17.89 30.67 22.58 35.43 24.00 22.56 4.18
NOPAT to Interest Expense		 5.87 8.85 15.65 185.54 11.49 22.86 17.26 25.39 19.72 16.74 2.27
EBIT Less CapEx to Interest Expense		 4.58 12.11 18.50 224.00 4.00 20.44 14.17 20.43 9.00 10.33 2.36
NOPAT Less CapEx to Interest Expense		 2.68 5.43 10.15 135.54 -2.40 12.63 8.85 10.39 4.72 4.52 0.45
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.80% 29.33% 30.71% 30.00% 32.11% 33.23% 31.04% 31.68% 28.67% 30.98% 35.06%
Augmented Payout Ratio		 45.62% 44.74% 62.33% 48.41% 71.25% 82.05% 61.05% 71.17% 59.10% 58.88% 66.78%

Financials Breakdown Chart

Key Financial Trends

Ingredion’s latest quarter shows solid profitability, but cash generation weakened sharply versus both the prior quarter and the same period last year. In Q1 2026, revenue rose modestly year over year, earnings remained healthy, and the balance sheet still carries a large cash position. However, operating cash flow fell to just $33 million from $405 million in Q4 2025, driven by a large swing in working capital. The company also continued to rely on debt financing while returning cash to shareholders through dividends and buybacks.

  • Revenue growth improved year over year. Q1 2026 revenue was $1.792 billion, up from $1.757 billion in Q4 2025 and slightly above the $1.813 billion reported in Q1 2025.
  • Margins remain respectable. Gross profit of $401 million produced operating income of $203 million, or an operating margin of about 11.3%.
  • Net income stayed solid. Q1 2026 net income was $144 million, translating to diluted EPS of $2.22.
  • The company still generates strong annualized earnings power. Quarterly EPS levels remain comfortably above dividend coverage needs on a per-share basis.
  • Cash on hand is substantial. Ingredion ended Q1 2026 with $914 million in cash and equivalents, plus $4 million in short-term investments.
  • Common equity remains sizable. Total common equity was $4.383 billion, supported by retained earnings of $5.7 billion.
  • Capex remained manageable. Q1 2026 capital spending was $110 million, similar to prior quarters and consistent with an ongoing investment program.
  • Debt levels are still meaningful but stable. Total debt was about $2.288 billion in Q1 2026, with long-term debt accounting for most of the balance.
  • Shareholder returns continue. Ingredion paid $52 million in dividends and repurchased $21 million of stock in the quarter.
  • Operating cash flow weakened sharply. Cash from operations fell to $33 million in Q1 2026 from $405 million in Q4 2025 and $77 million in Q1 2025.
  • Working capital was a major drag. Changes in operating assets and liabilities reduced cash by $195 million in Q1 2026, versus a positive contribution in the prior quarter.
  • Free cash flow looks pressured in the quarter. With $110 million of capex and only $33 million of operating cash flow, Q1 2026 likely did not cover investment and shareholder returns comfortably.
  • Debt issuance offset repayments. Ingredion borrowed $158 million while repaying $123 million of debt, indicating continued balance sheet management rather than outright deleveraging.
  • Total cash declined. Net cash and equivalents fell by $116 million in Q1 2026 after exchange-rate effects and financing outflows.
  • Short-term obligations rose. Short-term debt increased to $83 million from $57 million in Q3 2025, adding some near-term financing pressure.

Longer-term trend: Ingredion has generally been a profitable, cash-generative business over the last four years, with revenue fluctuating but earnings staying positive. That said, quarterly operating cash flow has been volatile, and the latest quarter highlights how sensitive cash generation can be to working-capital swings. Investors will likely want to see whether Q1 2026 was an outlier or the start of a softer cash-flow trend.

Bottom line: Ingredion still looks financially sturdy, with healthy earnings, a strong equity base, and ample cash. The main caution is cash flow: if operating cash generation stays near Q1 2026 levels while capex, dividends, and buybacks continue, financial flexibility could narrow.

08/23/26 03:30 AM ETAI Generated. May Contain Errors.

Ingredion Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ingredion's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Ingredion's net income appears to be on an upward trend, with a most recent value of $736 million in 2025, rising from $412 million in 2015. The previous period was $654 million in 2024. View Ingredion's forecast to see where analysts expect Ingredion to go next.

Ingredion's total operating income in 2025 was $1.02 billion, based on the following breakdown:
  • Total Gross Profit: $1.83 billion
  • Total Operating Expenses: $812 million

Over the last 10 years, Ingredion's total revenue changed from $5.62 billion in 2015 to $7.22 billion in 2025, a change of 28.4%.

Ingredion's total liabilities were at $3.53 billion at the end of 2025, a 0.6% decrease from 2024, and a 22.0% increase since 2015.

In the past 10 years, Ingredion's cash and equivalents has ranged from $236 million in 2022 to $1.03 billion in 2025, and is currently $1.03 billion as of their latest financial filing in 2025.

Over the last 10 years, Ingredion's book value per share changed from 29.97 in 2015 to 67.28 in 2025, a change of 124.5%.


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Financial statements for NYSE:INGR last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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